April 1, 2019 / 11:27 AM / 19 days ago

Aramco plans to close SABIC acquisition deal in 2020

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

DUBAI (Reuters) - Saudi Aramco plans to complete the acquisition of a 70 percent stake in Saudi Basic Industries (SABIC) in 2020, it said in its bond prospectus.

Aramco agreed last week to buy the majority stake from Saudi Arabia’s Public Investment Fund for $69.1 billion.

Aramco’s revenues at the end of last year stood at $315.24 billion, while its net income was $111.07 billion, the prospectus showed.

Reporting by Davide Barbuscia and Hadeel Al Sayegh; Editing by Jan Harvey

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